Bristow Group Inc. (NYSE:VTOL) Q1 2024 Earnings Conference Call May 8, 2024 10:00 AM ET

Company Participants

Redeate Tilahun - Senior Manager of IR and Financial Reporting
Christopher Bradshaw - President and CEO
Jennifer Whalen - SVP and CFO

Conference Call Participants

James West - Evercore
Joshua Sullivan - Benchmark Company
Eddie Kim - Barclays
David Smith - Pickering Energy Partners
Xin Yu - Deutsche Bank
Steven Silver - Argus Research

Operator

Good day, everyone, and welcome to Bristow Group Reports First Quarter 2024 Investor Call. Today's call is being recorded. After the speakers remarks there will be a question-and-answer session. [Operator Instructions]

At this time, I would like to turn the call over to Red Tilahun, Senior Manager of Investor Relations and Financial Reporting.

Redeate Tilahun

Thank you, Christine. Good morning, everyone, and welcome to Bristow Group's First Quarter of 2024 Investor Call. I'm joined on the call today with our President and Chief Executive Officer, Chris Bradshaw; and Senior Vice President and Chief Financial Officer, Jennifer Whalen.

Before we begin, I'd like to take this opportunity to remind everyone that during the course of this call, management may make forward-looking statements that are subject to risks and uncertainties that are described in more detail on Slide 3 of our investor presentation. You may access our investor presentation on our website.

We will also reference certain non-GAAP financial measures such as EBITDA and free cash flow. A reconciliation of such measures to GAAP is included in the earnings release and our investor presentation.

I'll now turn the call over to our President and CEO. Chris?

Christopher Bradshaw

Thanks, Red, and thank you all for joining our Q1 investor call, which will have a different format and content than our typical quarterly earnings calls. Today, in addition to reviewing strong Q1 results, and affirming our full year 2024 guidance, we'll provide an update on the state of Bristow's business, talk about market conditions and trends in both Offshore Energy Services or OES, and Government Services, provide a current overview of the Global Offshore Helicopter Fleet, and review financial guidance for 2025, and targets for 2026.

While this is the typical time of the year that we would issue guidance for the following year, namely 2025, we are taking the additional step of issuing financial targets for 2026 as well. This advanced outlook is not something that we would necessarily expect to repeat in future years, but we think it is appropriate, given the ongoing transformational developments in our business as we commence the transition of the Irish Coast Guard contract and benefit from the ongoing activity ramp in our Offshore Energy Services business, all of which becomes more evident in 2026.